A powerful earthquake? The company Yuga Labs, which manages collections of major non-fungible tokens (NFTs) such as Bored Apes or CryptoPunks, has decided to embark on Bitcoin NFTs. We are looking at what could represent a small revolution.
Yuga Labs launches a collection of NFTs on Bitcoin
This is one of the most discussed topics at the moment: do NFTs on Bitcoin really have an interest, and could a vast ecosystem hatch? The answer is yes for Yuga Labs, one of the biggest players in the NFTs market, which announced yesterday a first experiment with Bitcoin.
Called “Twelvefold”, the collection will include 300 pieces of generative art, that is to say creations produced by algorithm. Each of them will be registered as NFT in a satoshi. The Twelvefold collection is based on the relatively new Ordinals protocol, which opened the door to NFTs on Bitcoin. She proposes to “explore the relationship between time, mathematics and variability“, according to Yuga Labs.
The works are presented on a 12X12 grid, an allegory representing the mapping of data present on the Bitcoin blockchain. Notably, Yuga Labs is stepping away for this collection of “hand drawn” drawings to favor 3D renderings unusual for the company. An assumed choice for Greg Solano, the co-founder of the company:
“All of these choices deviate from what is expected of Yuga. But you know, we don’t care what is expected.»
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A turnaround for Yuga Labs, and a revolution to come?
It is difficult to overestimate the arrival of a player of this magnitude in the world of Bitcoin NFTs: especially since it is a 180° turn for the company. As a reminder, this same Greg Solana declared only two weeks ago that a Bored Ape sent on Bitcoin was in no way valid.
Yuga Labs now sees the Ordinals protocol, and Bitcoin NFTs more broadly, as the future:
“We expect this technology and the ecosystem around it to evolve, and become more sophisticated over time. But we don’t expect them to evolve in the same way as other NFT ecosystems.»
This arrival of Yuga Labs is in any case a particularly notable sign of confidence, in the face of a crypto community that has been particularly divided over Bitcoin NFTs. Will this be enough to give impetus, and really get the sector off the ground? The coming months we will tell.
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Source: Yuga Labs, press release
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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